Hanoi (VNA) – Last year, the northern province of Thai Binh became one ofthe five biggest recipients of foreign direct investment (FDI) for the firsttime, an achievement attributed to its flexible and creative moves and stronglyreformed measures to support investors.

In 2023,Thai Binh attracted more than 2.9 billion USD in FDI, an unprecedented figurerising almost 4.4-fold from the previous year. With this result, it joined HoChi Minh City, Hai Phong city, Quang Ninh province, and Bac Giang province inthe top five FDI destinations.

Notably, itsinvestment attraction has gradually shifted from “quantity” to “quality”, Quan doi Nhan dan (People’s Army) daily reported, noting that all the newprojects and the existing ones added with more capital recently are operatingin the fields Thai Binh is inviting investment to such as high technology,processing, electronics, mechanics, and supporting industries.

In particular,the province last year recorded a liquefied natural gas (LNG)-fired power plantproject worth 1.99 billion USD invested by Tokyo Gas Co. Ltd and North Kyuden powercompany of Japan and Truong Thanh Group of Vietnam. The project is expectedto help boost local socio-economic development, scale up the province’seconomy, and contribute to national energy security.

Pham Duc Thanh,Deputy Director of the provincial Department of Planning and Investment,attributed Thai Binh’s investment attractiveness in recent years to itsreadiness to listen to and deal with difficulties and proposals of businesses.

Coming here,businesses are always given optimal conditions to conduct surveys and implementprojects, he continued, noting that the provincial People’s Committee hasengaged in direct dialogues with companies via the weekly Entrepreneurs Caféprogramme to solve problems facing them in a timely manner.

Thai Binh also boastsa favourable geographical location and a modern transport system that is beinggradually perfected to connect it with other localities in the Red River Deltaand the economic growth triangle of Hanoi - Hai Phong - Quang Ninh.

Local authoritieshave also been gearing up necessary conditions, especially in terms ofinfrastructure, land, and human resources, to attract domestic and foreigninvestors.

Ten industrial parkscovering nearly 3,000ha with readied infrastructure have taken shape across theprovince. Notably, the Thai Binh Economic Zone with a total area of 30,583ha ishousing 22 industrial parks whose industrial land covers 8,020ha. It alsoboasts a favourable geographical location that is just about 35km from Cat BiAirport and 50km from Lach Huyen International Seaport in Hai Phong.

Chairman of theprovincial People’s Committee Nguyen Khac Than said building transportfacilities, preparing industrial parks with completed infrastructure, and devisingpreferential policies are among the province's efforts to selectively attract FDI. Besides,Thai Binh doesn’t wait for investors to come but has actively organisedpromotion activities to invite major domestic and foreign firms, he added.

To create itscompetitive edge in the race to attract high-quality foreign investment, theprovince identified improving the business climate and its position in the ProvincialCompetitiveness Index rankings as a focal and consistent task. It is also helpingcompanies learn about legal regulations of Vietnam, international agreements,and the province’s policies on investment attraction and socio-economicdevelopment. Investors of industrial park infrastructure are also being urged toquickly complete building facilities to welcome secondary investors, headded./.